News24.com | Top exec steps down from Luno as crypto exchange hunts for new investors

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A top executive at South African-founded cryptocurrency exchange, Luno, has resigned as the company seeks to bring in new investors to support its expansion.   

Vijay Ayyar, Luno’s vice president of corporate development and international, stepped down to "pursue a new opportunity in the industry". 

"Vijay held several roles at Luno during his seven-year tenure and most recently has made many valuable contributions to Luno’s corporate development and business-to-business services," said Luno CEO James Lanigan in a statement. 

While Ayyar was based in Singapore, he told CNBC that his exit was unrelated to Luno's recent decision to pull out of the island country.

Changes at the top 

Luno, which is owned by Digital Currency Group, has seen several senior staff members step down or switch roles in the past six months. 

In December, co-founder and chief technology officer Timothy Stranex stepped down. 

In late March, long-time CEO Marcus Swanepoel resigned to take on the role of executive chair.  

"I’m excited for our next chapter as we continue to put the power of crypto in everyone’s hands," said Swanepoel at the time. 

Lanigan, who took over as CEO from Swanepoel, said this week that the company was still mulling a public listing. 

Earlier this year, the exchange announced it would retrench around 35% of its global workforce due to a downturn in the tech sector, falling crypto prices and the impact of the bankruptcy of FTX.

Luno has since hired financial services firm the Canaccord Genuity Group in a bid to bring on new investors alongside DCG to "fund scaling, support expansion, accelerate market share gain". 

The group is also helping Luno prepare for a prepare potential public listing. 

"We are still at the early stage of a process that could result in a change in ownership or continued full ownership by DCG," said Lanigan.